Karachi, August 27, 2022 – The Pakistani Rupee (PKR) continued to struggle against major foreign currencies in the open market, reflecting economic challenges and global financial trends.
As of 9:00 AM Pakistan Standard Time (PST), the US Dollar (USD) was being bought at PKR 227.50 and sold at PKR 229.50, showing persistent pressure on the local currency.
Market analysts attribute the PKR’s depreciation to rising demand for foreign currency, particularly the US Dollar, as import bills remain high and remittance inflows slow down. The Euro (EUR) was being traded at PKR 228.00 for buying and PKR 230.50 for selling, while the British Pound (GBP) maintained strength at PKR 270.00 for buying and PKR 273.00 for selling.
Regional currencies also showed resilience against the Pakistani Rupee. The Saudi Riyal (SAR) stood at PKR 60.60 for buying and PKR 61.20 for selling, while the UAE Dirham (AED) followed a similar trend, priced at PKR 63.50 and PKR 64.50, respectively. Experts note that demand for these currencies remains high due to travel and trade activities with Gulf countries.
Among other international currencies, the Australian Dollar (AUD) was priced at PKR 158.50 for buying and PKR 160.00 for selling, whereas the Canadian Dollar (CAD) traded at PKR 175.50 and PKR 177.50, respectively. The Chinese Yuan (CNY) saw fluctuations as well, with rates at PKR 33.50 for buying and PKR 35.00 for selling, reflecting ongoing trade adjustments between Pakistan and China.
Meanwhile, the Japanese Yen (JPY) traded at PKR 1.64 for buying and PKR 1.66 for selling, while the Swiss Franc (CHF) was exchanged at PKR 234.38 and PKR 235.38. Nordic currencies, including the Danish Krone (DKK), Norwegian Krone (NOK), and Swedish Krona (SEK), also remained stable against the rupee.
Financial experts caution that the continued depreciation of the PKR against these foreign currencies could impact inflation, increasing the cost of imports. The State Bank of Pakistan (SBP) is closely monitoring the situation, and any future policy measures may aim to stabilize exchange rate volatility.
Market observers suggest that Pakistan’s economic outlook remains uncertain, and fluctuations in foreign currency exchange rates will continue to affect business and trade. With the US Dollar maintaining its dominance and regional currencies showing strength, the local currency’s trajectory will largely depend on external inflows, policy decisions, and global financial conditions.